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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just Ask Ben Why". Only Ask Ben Why. 2015-06-22. Retrieved 2018-05-12.

a b "Publication 925 (2017), Passive Activity and At-Risk Rules Internal Revenue Service". www.irs.gov. Retrieved 2018-05-12.

What's Residual IncomeIn the personal finance world, the word residual income really has two different definitions. First, residual income can be thought of as the amount of money you have left over after accounting for debts, normally on a monthly basis. Fundamentally, its own expendable income.For a more visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income every month is very good, but it isnt what exactly were concerned with in this piece.

Rather than earning an hourly salary, residual income is usually generated through an initial investment of time or money with the goal of earning continuous payments. Once the initial investment, product, or service is made, the ongoing income that's earned is generally passive in nature.Why Should You Build Residual IncomeDeveloping residual income is an important part of building long-term riches.

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Even when you saved enough to give retirement a shot, youd be taking a massive gamble. Without residual income, the only thing youd have to reside on is that the money you've saved. Once it is gone, its own gone.But, by sticking your own money into a 401(k) or other retirement account, your stash doesnt just sit ; nonetheless, it is going to grow and continue growing for many years to come.The more residual income you can build, off the better youll be.

By creating passive income streams that generate money while you sleep, youll build wealth quicker and diversify the ways youre able to make money that will help shield you from the reduction of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many circumstances, it requires a whole lot of hard work with no guarantee of a return.With that saidI think its super important to build as many passive income flows as you can.

Consequently, if this sounds like a good idea to you, have a look at this list of easy strategies to make residual income and get started straight away! .

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You can work your butt off to earn money but youll never get anywhere until you start making passive income. I make money on seven different income sources but some of them require a good deal of work.

Passive income is money you earn from a product or an investment in which you dont need to do any more work after you put it up. That means consistent cash flow each month whether youre working or not.

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Thats the only real way to financial freedom. Passive income is the only way that you will ever be free of worrying about money and the only way that you will ever reach financial independence.

Im going to discuss my seven popular passive income resources, income streams I use to create money each month. Now Im not going to sugar coat this, some of these are going to take work but may mean thousands per month you can count on.

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Im going to begin with the easy passive income thoughts, the ones you can begin making money on immediately and will operate through to the ones youll create the most money on as we proceed through the list so be sure you stick around to catch those last few passive income strategies. .

Our very first facet hustle idea is with bargain websites like Swagbucks and TopCashBack. Now these are actually two different types of passive income thoughts since theyre different kinds of websites.

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Swagbucks is a get-paid-to website so you get paid to do things such as take surveys, play video games, watch movies and test out free product samples. Doing each of these, you earn points that are usually convertible to one hundred points for a dollar.

Now this isnt something thats going to make you rich but you can earn some legit money for less than an hour of the time. Swagbucks users have redeemed over $344 million in benefits for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a while and have found that the money works out to just under $2 an hour so this isnt something thats going to make you wealthy. Youd have to operate 2,500 hours to make $5,000 so thats about three and a half months, non-stop. The thing with Swagbucks however is you can take action when look at this web-site youre doing something else so I flip through polls and other things while I'm cooking dinner or even flipping channels. .